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AAT Sri Lanka join force with LankaClear to apprise financial professionals on payment technology innovations

 

AAT Sri Lanka join force with LankaClear to apprise financial professionals on payment technology innovations

 

One of the country’s foremost professional bodies – AAT Sri Lanka together with LankaClear Pvt Ltd – the operator of LankaPay – Sri Lanka’s national payment network jointly organized a seminar titled “Disruptive Technologies at the Heart of Business Process Elimination - Be a catalyst and change your game plan” held at the Galadari Hotel Colombo on 21st March 2019.

 

Over the past few decades, digitalization and innovations have transformed the way we live and work, thus, paved the way for business to be carried out from where ever you are. These changes have been so disruptive and simply cannot be ignored. Hence, professionals must embrace these changing business dynamics in order to remain competitive and thrive in today’s competitive business landscape.

 

The objective of this programme was to shed light into some of the ground breaking payment technology innovations with practical insights that will thrust you to rethink your business models, streamline business processes, drive efficiencies, reduce costs and respond to customers faster, thereby stay ahead of competition. The session was attended by over 200 participants.

 

The keynote address at the seminar was made by Mr. Channa de Silva, GM/CEO of LankaClear Pvt Ltd which was followed by a panel discussion with an eminent panel of speakers – Mr. D Kumarathunga, Director – Payments and Settlements of the Central Bank of Sri Lanka; Mr. Thilak Piyadigama, CEO of Sanasa Development Bank PLC and Mr. Arjuna Herath, Senior Partner – Advisory Services of EY - Sri Lanka and the Maldives. The session was moderated by Mr. Conrad Dias, Chief Information Officer – LOLC Group and Chief Executive Officer and Managing Director/CEO of LOLC Technologies Ltd.

 

 

Seminar on What is Big Data?

 

Seminar on What is Big Data?

 

Mr.Yasas Gunaratne, Chief Executive Officer/Managing Director at HasH33 presented concept of business analytics with big data technologies. He also explained how these technologies enable the extension of traditional organizations into digital services.

 

With the rapid development of society, the spread of information has accelerated. Today, data has penetrated every industry and every field of business and has become a major production factor. Big data has been in use for some time in the industries of finance, communication, and logistics. However, their application in education is relatively lacking. Against the background of using big data to develop new businesses and innovating operational modes in all industries, how should the accounting professionals approached Mr.Yasas explained. Also he answered questions raised by participants after his presentation. AAT council members, AAT members and professionals ts from different industries were attended to the seminar.

 

 

AAT budget seminar evaluates economic, tax perspectives

 

AAT budget seminar evaluates economic, tax perspectives

 

The Association of Accounting Technicians of Sri Lanka (AAT) successfully conducted a seminar on ‘Budget Proposals Highlights 2019’, recently, at the AAT head office, Narahenpita, with the participation of over 250 AAT members and other professionals.

 

The focus of the seminar was to highlight the importance of Budget 2019, which covers the economy and taxation with special emphasis on corporate and personal taxation, VAT and other taxes and the impact of new and revised taxes on business and the economy.

 

This was specially targeted for the accounting technicians as to how they need to consider the new proposals in their view and how to adjust work relating to the new changes. The seminar was inaugurated by Finance State Minister Hon. Eran Wickramaratne as the chief guest.

 

He briefed the gathering about the highlights of Budget 2019.

 

The initial presentation was on ‘Budget Proposals 2019’ delivered by Fiscal Policy Tax Policy Department Advisor Thanuja Perera. She covered about income tax, VAT, NBT, CESS, PAL, Economic Service charge, Carbon tax, Luxury tax on motor vehicles, Custom duty and other important fees and charges.

 

Further, she addressed the gathering regarding the previous and current behaviour of the changes and the purpose of the revision or enhancement of the relevant taxes.

 

Thereafter, the minister delivered his address about the budget proposals and highlighted some facts and figures as to where Sri Lanka was in 1960 and the current status, comparing with other South Asian countries, such as Singapore and Korea.

 

Further, he mentioned that the national exports were going down when compared to the market borrowings, which were increasing and as a nation, we should focus more on our debt challenge and the fiscal discipline.

 

He said that although the opportunities to enter the local universities were currently very limited, even among the highest rankers, there will be some projects and budget proposals for those who want to study at a private university after A/L.

 

“When comparing with the previous years, there was a significant growth in the primary budget and the budget deficit was going down comparatively. And we were still behind some of the other South Asian countries. We could also come up with new changes and national improvements which would cause to increase the per capita income in the future,” he said. The next session was the panel discussion led by Raigam Group of Companies Managing Director Ganaka Amarasinghe about ‘Budget Proposals 2019’.

 

Gajma & Co. Senior Partner N.R. Gajendran, Finance Ministry Tax Policy Advisor Thanuja Perera and Ernst & Young Tax Services Head Duminda Hulangamuwa also joined the discussion as panelists.

 

The discussion was truly valuable and was more engaged with the current status of the economy and the way of implementing the new budget proposals in the country, since there were some tax increases and reductions and most of them were according to the current market strategies.

 

Wickramaratne answered some of the questions which were raised by the panellists and the audience about the behaviour and the impact of some budget proposals, which were more focused on the export industry as well as the banking and financial industry.

 

The session was conducted for more than one hour and the discussion benefitted many participants who represented different industries and professional institutes.

 

The seminar was held at the AAT auditorium and there were more than 250 participants. They said that it was very helpful to understand and clear some doubts about the budget proposals and to engage with new proposals.

 

The AAT conducted this seminar soon after the first reading of the budget in Parliament on March 5, 2019. The target of this seminar was mainly focusing on the interpretations and considers the importance from accounting aspects.

 

It is the AAT tradition to conduct a seminar soon after every budget and educate the members on the interpretations and implications, especially with regard to taxation for the benefit of those in practice.

 

 

The 26th Annual Convocation of AAT Sri Lanka

 

The 26th Annual Convocation of AAT Sri Lanka

 

The 26th Annual Convocation of AAT Sri Lanka was held on 4th December 2018 at the Main Hall, BMICH with the Senior Professor Sampath Amaratunge, Vice Chancellor of University of Sri Jayewardenepura participating as the Chief Guest and Mr. Jagath Perera, President of CA Sri Lanka as the Guest of Honour. 618 new members were inducted to AAT Sri Lanka membership in the year 2018 including 14 Fellow Members, 26 Senior Members and 578 Members.

 

 

The Orientation Seminar for New Members of 2018

 

The Orientation Seminar for New Members of 2018

 

The orientation seminar for the new members who were inducted to AAT Membership was held on 24th November 2018 at the National College of Education, Maharagama. Objective of the seminar was to educate the new members of the Association on the detailed introduction to AAT Sri Lanka, CPD, Code of Ethics and other opportunities available for Members for their development.

 

An inspirational presentation was done by Dr. Mahesh Jayasinghe ,Founder Managing Director of Mpower Softskills Pvt Ltd at the orientation seminar on the topic “ Discover the power within you”.

 

 

Poison for the brain – an insight to Psychology in Finance By Mr.Chaaminda Kumarasiri

 

Poison for the brain – an insight to Psychology in Finance

 

Finance professionals are often thought to be cold and rigid. This is related to the fact that all thoughts about money makes people less inclined to appreciate the good things in life and also makes them less inclined to show emotions. This stems from the fact that there is a difference in how we react based on the amount of money involved in the decision. It is triggered based on the persons’ priorities.

 

Mr.Chaaminda Kumarasiri, the Founder/CEO of The Human Capital Partner and the Chairman/Principal Consultant at HCP Consulting (Pvt) Ltd. shared this valuable insight into the characteristic of Accountants, Chief Financial Officers and other persons in the finance sphere at his interactive presentation at AAT for its Members on 28th of August. It was a session in great demand where registrations closed over a week ago.

 

He stressed the importance of identifying the priority level each person gives to money in your life because a person’s attitude towards money registers in the sub-conscious mind. In turn the sub-conscious mind over-rides the person’s values - i.e: a person’s thought process over-rides all decisions. This is an important fact to remember as a person’s sub-conscious mind grows over the years and ultimately “programmed” to take decisions since 96% of decisions are governed by the sub-conscious mind. Mr.Kumarasiri reflected on the importance of identifying one’s money psychology – Money avoidant, Money Status seeker, Money worshipper or Money vigilant.

 

 

Financial reporting in the wake of new tax regulations “Tax Reforms;Tagging on to smart financial reporting”

 

Financial reporting in the wake of new tax regulations “Tax Reforms;Tagging on to smart financial reporting”

 

The 17th of July marked the successful completion of a dynamic seminar organized by the Conference and Seminar Committee of the Association of Accounting Technicians (AAT) where the changes in tax regulations were interpreted in financial reporting language. It was a successful event which was well patronized by AAT members and non-members.

 

This seminar was organized covering the varying financial reporting obligations stemming from the new tax regulations. The objective of the seminar was to address the areas of transition from both an accounting and tax perspective. The seminar was instigated by the changes to financial reporting obligations which were resulting from the introduction of the Inland Revenue Act No. 24 of 2017. The Act came to effect from 01st April, 2018 and brought about the necessity for corporates and accounting professionals to consider their Accounting Practices and Financial Reporting more strategically than ever.

 

Key areas that were covered at this seminar were;

 

(1). Key changes arising as a result of the new Tax Law

  • (2). Transitional provisions arising therein
  • (3). Impact of changes in financial reporting including Deferred tax , Revenue recognition in the context of SLFRS 15 , Leases in the context of SLFRS 16 , Financial instruments in the context of SLFRS 09 , Investments in subsidiaries associates and JV’s in parents’ separate financials and Investment entities in the context of SLFRS 10

     

    The seminar was presented combining two fields of study – taxation and financial reporting, where the eminent presenters Ms. Sarah Afker and Mr. Nishan Fernando blended their presentation so well to present the areas of focus together. This was instrumental in making the core of the seminar easy to understand.

     

    Mr. Nishan Fernando, a well-known presenter in the sphere of finance, is the Managing Director of BDO Consulting (Pvt.) Ltd. He has functioned as the President of the Institute of Chartered Accountants of Sri Lanka. Mr. Fernando is an Associate Member of the Chartered Institute of Management Accountants and he has also been a member of the International Accounting Education Standards Board of the International Federation of Accountants (IFAC) and currently serves as a member of its Consultative Advisory Group.

     

    Ms. Sarah Afker is the Director, Tax Services of BDO Partners. She is an Associate Member of the Institute of Chartered Accountants of Sri Lanka and an Associate Member of the Chartered Institute of Management Accountants. She is also a Member of the Chartered Institute for Securities and Investment (UK).

     

    The event was graced by the CEO of AAT, the President and several Council Members. The audience raised several questions to the presenters, which were duly answered.

     

     

    15th Annual Conference

     

    Conference 2017

     

    Conference 2017

     

    AAT Sri Lanka deliberates on Change: Challenge to an Opportunity at its 15th Annual Conference on 10-11 October, 2017

     

    The most awaited annual event of the Association, the 15th Annual Conference of AAT Sri Lanka was hosted on 10th and 11th of October 2017 (Tuesday & Wednesday), at Hotel Waters edge, Battaramulla. Deliberating on the all-important theme “Change: Challenge to an Opportunity”, the Conference was inaugurated in the evening of 10th October 2017 followed by fellowship.

     

    The inauguration was graced by H.E. Maithripala Sirisena- President of the Democratic Socialist Republic of Sri Lanka as the Chief Guest, while Hon. (Dr.) Harsha de Silva – Deputy Minister of National Policies and Economic Affairs. And Mr. Ranjan Perera - Executive Director of Softlogic Holdings PLC graced the occasion as the Guests of Honour.

     

    Inspiring Technical Sessions to address the issues of the main theme of the conference commenced on the 11th contributed by eminent resource personnel. “Robotics/Artificial Intelligence taking over”, “Valuation of Innovative Businesses”, “Changes to the playing field” & “Latest developments in Income Tax” were among the main topics on which the technical sessions were based, highlighting the challenges to opportunities.

     

    The conference facilitated the exchange of profound expertise of 16 resource personnel in chosen fields and attracted over 500 participants from all over the country. Over the years, AAT Sri Lanka Conferences have built up a reputation as a thought provoking summit spurring insights on broad economic and business issues apart from its core emphasis on finance related topics. The participants included business leaders, policy makers, senior financial professionals, AAT Sri Lanka members and other interested dignitaries.

     

    Participating in the Conference certainly added value to knowledge and shaped up skills on many aspects demanded by both the profession and the personal requirements of the participants. In addition, the Conference served as a platform to network with the AAT Sri Lanka fraternity to strengthen the solidarity of this formidable organization.

     

    Please feel free to contact Chathura on 0773-559 669 if you need further clarification click on http://www.aatsl.lk/membership/events/conference.html

     

     

     

     

     

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